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Marks & Spencer like-for-like sales drop 5.8%
Like-for-like sales in Marks & Spencer's general merchandise division slumped 5.8% in the 13 weeks to December 27, the store has reported.
The store's worse-than-expected results were exacerbated by online delivery problems over the Christmas period.
M&S says its clothing sector performance was impacted by the unseasonal weather conditions in October and November.
M&S results finally start to reflect the boss' promises
You can forgive Marc Bolland for punching the air. He promised to revive the business and things spell "progress" albeit in a smallish font.
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Marks & Spencer's underlying profits up by 2.3%
Marks and Spencer has released its half-year results, revealing its underlying profit before tax has increased by 2.3% to £268 million .
The company blamed a warm September for a 2.3% and 1.6% fall in general merchandise sales and clothing sales respectively.
M&S reported a 1.3% increase in womenswear sales in the first five months of the year, saying it had received "increasingly positive customer feedback".
Marc Bolland, chief executive, said: "M&S delivered sales growth and increased profit in the first half despite a tough market, particularly in September.
"We are pleased with the progress we have made against our key priorities for the year: GM gross margin, improving Womenswear, driving Food growth and Cash generation.”
The same old story at misfiring M&S
The high street giant's chief executive, Marc Bolland, still has some way to go to turn around the retailer's performance.
Read the full story ›Bolland's Marks & Spencer revolution fails to take off
If Marks & Spencer were a football club and Marc Bolland its manager he'd almost certainly have been fired by now.
Read the full story ›M&S sales 'underwhelming' as fizz goes out of food
Marks & Spencer's fourth quarter results are "pretty underwhelming", according ITV News' Business Editor Joel Hills.
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In full: Marks and Spencer fourth quarter results
Marks and Spencer's fourth quarter 2014 results in full:
- Group sales: up 1.9%
- UK: total sales up 1.5%, like-for-like down 0.2%
- Food: total sales up 2.5%, like-for-like up 0.1%
- GM: total sales up 0.2%, like-for-like down 0.6%
- Clothing: total sales up 1.3%, like-for-like down 0.6%
- M&S.com: up 12.5%
- International sales: up 4.7%
M&S boss 'encouraged' as clothing sales improve
Following the publication of Marks and Spencer's quarterly results, CEO Marc Bolland said he was pleased to see a rise of 0.6% in like-for-like clothing sales.
“We delivered another quarter of improvement in General Merchandise. Clothing sales were up 1.3% in total, up 0.6% on a like-for-like basis. We are encouraged by Womenswear, which is showing clear signs of improvement and performed ahead of Clothing.
“Our Food business had another great quarter, especially considering the later timing of Easter. This marks our 18th consecutive quarter of growth. We continued to outperform the market with record sales around key events including Valentine’s Day and Mother’s Day.”
Marks & Spencer sees fall in like-for-like sales
Marks & Spencer's total UK sales were down 0.2% on a like-for-like basis in the fourth quarter of 2014, the company has announced.
Group sales were up 1.9%, while like-for-like food sales were down 0.1% and like-for-like general merchandising sales were down 0.6%.
Next profits 'expected to overtake Marks & Spencer'
The retailer Next is expected overtake High Street staple Marks & Spencer when it publishes its annual profits later today.
Next, led by chief executive Lord Wolfson, increased its forecast for annual profits in January after enjoying a bumper Christmas.
Annual profits for Next were expected to range from £684m to £700m, according to Lord Wolfson, who made the prediction during the festive trading period.
M&S will release their fourth quarter figures in the first half of next month, and are forecast to make a pre-tax profit of £626m.